feat: 增加宁德时代图表

2026-09-21 17:45:21 +08:00
parent a15b3f8027
commit 3a3d19d5dd
24 changed files with 1903 additions and 5 deletions
@@ -53,11 +53,29 @@ button {
  background: var(--accent);
  border-color: var(--accent);
  border-radius: 50%;
-  font-size: 22px;
-  line-height: 1;
 }

-.reload-button:hover { opacity: .88; transform: rotate(-45deg); }
+/* 图标继承按钮的 color（currentColor），尺寸只在这里定义，换图标不用动 JS。
+   20px 是配 36px 圆钮的光学最优值：新图标的弧线比原 ↻ 字形细，19px 会显轻。 */
+.reload-button .reload-icon {
+  display: block;
+  width: 20px;
+  height: 20px;
+  fill: currentColor;
+}
+
+/* 悬停转一圈：刷新语义的标准反馈，比原先 ↻ 字形的 -45° 倾斜更贴合新图标 */
+.reload-button:hover { opacity: .88; }
+.reload-button:hover .reload-icon { animation: reload-spin .6s ease-in-out; }
+
+@keyframes reload-spin {
+  from { transform: rotate(0deg); }
+  to   { transform: rotate(360deg); }
+}
+
+@media (prefers-reduced-motion: reduce) {
+  .reload-button:hover .reload-icon { animation: none; }
+}
 .export-button:hover { color: var(--accent); border-color: var(--accent); }

 /* ── 合并队列（购物车）────────────────────────────── */
@@ -0,0 +1,7 @@
+company,gp_per_wh,margin_data
+宁德时代,0.122,20.63
+比亚迪*,0.097,21.00
+LG新能源†,-0.010,-0.70
+中创新航*,0.077,16.71
+国轩高科*,0.063,14.02
+亿纬锂能,0.078,16.19
@@ -0,0 +1,7 @@
+period,catl,byd,calb,guoxuan,eve
+2021,0.784,0.720,0.660,0.683,
+2022,0.978,0.800,0.872,0.840,
+2023,0.889,0.700,0.618,0.720,
+2024,0.664,0.550,0.496,0.626,
+2025,0.585,0.470,0.459,0.473,0.516
+2026H1,0.591,0.460,0.459,0.452,0.483
@@ -0,0 +1,7 @@
+company,gp_2023,gp_2026h1
+宁德时代,0.198,0.122
+比亚迪*,0.154,0.097
+LG新能源†,0.119,-0.010
+中创新航*,0.080,0.077
+国轩高科*,0.112,0.063
+亿纬锂能,,0.078
@@ -0,0 +1,7 @@
+period,catl,peer_avg,gap_multiple
+2021,0.172,0.080,2.15
+2022,0.168,0.118,1.42
+2023,0.198,0.096,2.06
+2024,0.159,0.087,1.83
+2025,0.139,0.075,1.85
+2026H1,0.122,0.073,1.68
@@ -0,0 +1,7 @@
+period,catl,byd,lges,calb,guoxuan,eve
+2021,0.172,0.144,0.067,0.037,0.123,
+2022,0.168,0.144,0.091,0.090,0.147,
+2023,0.198,0.154,0.119,0.080,0.112,
+2024,0.159,0.121,0.032,0.079,0.095,
+2025,0.139,0.103,0.068,0.077,0.068,0.080
+2026H1,0.122,0.097,-0.010,0.077,0.063,0.078
@@ -0,0 +1,7 @@
+period,catl,byd,lges,calb,guoxuan,global_total
+2021,99.5,26.4,59.4,8.0,6.7,301.5
+2022,191.6,70.4,70.4,20.0,14.1,517.9
+2023,259.7,111.4,95.8,33.4,17.1,705.5
+2024,339.3,153.7,96.3,39.4,28.5,894.4
+2025,464.7,194.8,108.8,62.8,53.5,1187.0
+2026H1,242.7,87.7,52.6,31.2,28.0,608.5
@@ -0,0 +1,7 @@
+period,catl,byd,lges,calb,guoxuan
+2021,33.0,8.7,19.7,2.6,2.2
+2022,37.0,13.6,13.6,3.9,2.7
+2023,36.8,15.8,13.6,4.7,2.4
+2024,37.9,17.2,10.8,4.4,3.2
+2025,39.2,16.4,9.2,5.3,4.5
+2026H1,39.9,14.4,8.6,5.1,4.6
@@ -0,0 +1,7 @@
+period,catl,byd,lges,calb,guoxuan,eve
+2021,22.00,20.00,4.31,5.60,18.00,
+2022,17.17,18.00,4.74,10.32,17.50,
+2023,22.27,22.00,6.41,13.00,15.50,
+2024,23.94,22.00,2.25,15.89,15.14,
+2025,23.84,22.00,5.69,16.69,14.39,15.50
+2026H1,20.63,21.00,-0.70,16.71,14.02,16.19
@@ -0,0 +1,7 @@
+period,catl,byd,lges,calb,guoxuan
+2021,95.1,,73.4,95.2,41.0
+2022,83.3,71.0,73.6,93.8,46.0
+2023,70.5,72.0,69.3,75.6,48.0
+2024,76.3,70.0,57.8,78.7,46.0
+2025,96.9,82.0,47.6,,71.0
+2026H1,94.9,,52.8,,
@@ -0,0 +1,7 @@
+period,sales_gwh,revenue_yi,asp,cost_per_wh,gp_per_wh,gross_margin
+2021,116.7,914.9,0.784,0.612,0.172,22.00
+2022,242.0,2365.9,0.978,0.810,0.168,17.17
+2023,321.0,2852.5,0.889,0.691,0.198,22.27
+2024,381.0,2530.4,0.664,0.505,0.159,23.94
+2025,541.0,3165.1,0.585,0.446,0.139,23.84
+2026H1,325,1921.2,0.591,0.469,0.122,20.63
@@ -0,0 +1,7 @@
+period,china,korea,japan,others,global_total
+2021,48.2,30.2,12.0,9.6,301.5
+2022,60.4,23.7,7.3,8.6,517.9
+2023,63.5,23.2,6.1,7.2,705.5
+2024,67.1,18.5,3.9,10.5,894.4
+2025,70.4,15.3,3.7,10.6,1187.0
+2026H1,72.4,11.7,3.7,12.2,608.5
@@ -0,0 +1,11 @@
+rank,company,region,gwh,share,yoy,global_total
+1,宁德时代,中国,242.7,39.9,25.3,608.5
+2,比亚迪,中国,87.7,14.4,1.6,608.5
+3,LG新能源,韩国,52.6,8.6,8.4,608.5
+4,中创新航,中国,31.2,5.1,39.5,608.5
+5,国轩高科,中国,28.0,4.6,43.3,608.5
+6,松下,日本,22.7,3.7,10.2,608.5
+7,亿纬锂能,中国,20.9,3.4,51.7,608.5
+8,SK On,韩国,19.0,3.1,-6.7,608.5
+9,蜂巢能源,中国,15.7,2.6,40.9,608.5
+10,欣旺达,中国,14.5,2.4,13.7,608.5
@@ -0,0 +1,7 @@
+period,catl,byd,lges,panasonic,sk_on,samsung_sdi,calb,guoxuan,eve,sunwoda,svolt,farasis,global_total
+2021,99.5,26.4,59.4,36.3,17.3,14.5,8.0,6.7,,2.6,,2.4,301.5
+2022,191.6,70.4,70.4,38.0,27.8,24.3,20.0,14.1,,9.2,,7.4,517.9
+2023,259.7,111.4,95.8,42.8,34.7,33.1,33.4,17.1,16.2,10.5,,,705.5
+2024,339.3,153.7,96.3,35.1,39.0,29.6,39.4,28.5,20.3,18.8,,,894.4
+2025,464.7,194.8,108.8,44.2,44.5,28.9,62.8,53.5,31.3,,28.5,,1187.0
+2026H1,242.7,87.7,52.6,22.7,19.0,,31.2,28.0,20.9,14.5,15.7,,608.5
@@ -0,0 +1,7 @@
+period,catl,byd,lges,panasonic,sk_on,samsung_sdi,calb,guoxuan,eve,sunwoda,svolt,farasis,cr3,cr5,cr10,china_top10_count,china_share
+2021,33.0,8.7,19.7,12.0,5.7,4.8,2.6,2.2,,0.9,,0.8,64.7,79.1,90.4,6,48.2
+2022,37.0,13.6,13.6,7.3,5.4,4.7,3.9,2.7,,1.8,,1.4,64.2,76.9,91.4,6,60.4
+2023,36.8,15.8,13.6,6.1,4.9,4.7,4.7,2.4,2.3,1.5,,,66.2,77.2,92.8,6,63.5
+2024,37.9,17.2,10.8,3.9,4.4,3.3,4.4,3.2,2.3,2.1,,,65.9,74.7,89.5,6,67.1
+2025,39.2,16.4,9.2,3.7,3.7,2.4,5.3,4.5,2.6,,2.4,,64.8,74.6,89.4,6,70.4
+2026H1,39.9,14.4,8.6,3.7,3.1,,5.1,4.6,3.4,2.4,2.6,,62.9,72.6,87.8,7,72.4
@@ -0,0 +1,36 @@
+# 由 scripts/build_sweet_spot_catl.py 生成，请勿手工编辑。
+# 口径：总股本 46.27 亿股 · 净现金 2,263.8 亿元（每股 48.93 元）· 2026E 归母 900/964/1,000 亿元 · 分红率 50% · 现价 316.21 元（2026-09-15）
+# PE 与股息率保留两位小数（见脚本 docstring 的精度例外说明）
+price,market_cap,pe_bear,pe_base,pe_bull,pe_ex_cash,dividend_yield,net_cash_pct
+220.00,10179.4,11.31,10.56,10.18,8.21,4.74,22.2
+240.00,11104.8,12.34,11.52,11.10,9.17,4.34,20.4
+260.00,12030.2,13.37,12.48,12.03,10.13,4.01,18.8
+265.00,12261.6,13.62,12.72,12.26,10.37,3.93,18.5
+280.00,12955.6,14.40,13.44,12.96,11.09,3.72,17.5
+290.00,13418.3,14.91,13.92,13.42,11.57,3.59,16.9
+300.00,13881.0,15.42,14.40,13.88,12.05,3.47,16.3
+303.00,14019.8,15.58,14.54,14.02,12.20,3.44,16.1
+316.21,14631.0,16.26,15.18,14.63,12.83,3.29,15.5
+320.00,14806.4,16.45,15.36,14.81,13.01,3.26,15.3
+340.00,15731.8,17.48,16.32,15.73,13.97,3.06,14.4
+360.00,16657.2,18.51,17.28,16.66,14.93,2.89,13.6
+378.00,17490.1,19.43,18.14,17.49,15.79,2.76,12.9
+380.00,17582.6,19.54,18.24,17.58,15.89,2.74,12.9
+400.00,18508.0,20.56,19.20,18.51,16.85,2.60,12.2
+420.00,19433.4,21.59,20.16,19.43,17.81,2.48,11.6
+440.00,20358.8,22.62,21.12,20.36,18.77,2.37,11.1
+460.00,21284.2,23.65,22.08,21.28,19.73,2.26,10.6
+480.00,22209.6,24.68,23.04,22.21,20.69,2.17,10.2
+500.00,23135.0,25.71,24.00,23.14,21.65,2.08,9.8
+520.00,24060.4,26.73,24.96,24.06,22.61,2.00,9.4
+540.00,24985.8,27.76,25.92,24.99,23.57,1.93,9.1
+560.00,25911.2,28.79,26.88,25.91,24.53,1.86,8.7
+580.00,26836.6,29.82,27.84,26.84,25.49,1.80,8.4
+600.00,27762.0,30.85,28.80,27.76,26.45,1.74,8.2
+605.00,27993.4,31.10,29.04,27.99,26.69,1.72,8.1
+617.00,28548.6,31.72,29.61,28.55,27.27,1.69,7.9
+620.00,28687.4,31.87,29.76,28.69,27.41,1.68,7.9
+640.00,29612.8,32.90,30.72,29.61,28.37,1.63,7.6
+660.00,30538.2,33.93,31.68,30.54,29.33,1.58,7.4
+680.00,31463.6,34.96,32.64,31.46,30.29,1.53,7.2
+700.00,32389.0,35.99,33.60,32.39,31.25,1.49,7.0
@@ -0,0 +1,32 @@
+# 由 scripts/build_sweet_spot_catl.py 生成，请勿手工编辑。
+# 口径：总股本 46.27 亿股 · 净现金 2,263.8 亿元（每股 48.93 元）· 2026E 归母 900/964/1,000 亿元 · 分红率 50% · 现价 316.21 元（2026-09-15）
+# PE 与股息率保留两位小数（见脚本 docstring 的精度例外说明）
+price,market_cap,pe_base,dividend_yield,cagr_price,cagr_total
+220.00,10179.4,10.56,4.74,40.1,46.7
+240.00,11104.8,11.52,4.34,36.1,42.0
+260.00,12030.2,12.48,4.01,32.5,37.8
+265.00,12261.6,12.72,3.93,31.7,36.9
+280.00,12955.6,13.44,3.72,29.3,34.1
+290.00,13418.3,13.92,3.59,27.8,32.4
+300.00,13881.0,14.40,3.47,26.3,30.7
+303.00,14019.8,14.54,3.44,25.9,30.3
+316.21,14631.0,15.18,3.29,24.1,28.2
+320.00,14806.4,15.36,3.26,23.7,27.7
+340.00,15731.8,16.32,3.06,21.2,24.9
+360.00,16657.2,17.28,2.89,18.9,22.3
+378.00,17490.1,18.14,2.76,17.0,20.2
+380.00,17582.6,18.24,2.74,16.8,20.0
+400.00,18508.0,19.20,2.60,14.8,17.8
+420.00,19433.4,20.16,2.48,12.9,15.7
+440.00,20358.8,21.12,2.37,11.2,13.8
+450.00,20821.5,21.60,2.31,10.4,12.9
+460.00,21284.2,22.08,2.26,9.6,12.0
+480.00,22209.6,23.04,2.17,8.0,10.4
+500.00,23135.0,24.00,2.08,6.6,8.8
+520.00,24060.4,24.96,2.00,5.2,7.3
+540.00,24985.8,25.92,1.93,3.9,5.9
+560.00,25911.2,26.88,1.86,2.6,4.5
+580.00,26836.6,27.84,1.80,1.4,3.2
+600.00,27762.0,28.80,1.74,0.3,2.0
+605.00,27993.4,29.04,1.72,0.0,1.7
+620.00,28687.4,29.76,1.68,-0.8,0.9
@@ -46,6 +46,15 @@ import {
  moutaiBaseWineVolumeChart, moutaiFlyingPriceChart, moutaiPriceAdjustmentChart,
  moutaiTonPriceChart, moutaiDividendChart, moutaiDistributorsChart,
 } from './moutai.js';
+import {
+  peerInstallChart, peerUtilizationChart, peerShareChart,
+  peerGpPerWhChart, peerAspChart, peerMarginChart, peer2026h1Chart,
+  peerGpGapChart, peerGpChangeChart, catlUnitEconomicsChart, catlVolumeGpChart,
+  globalCrChart, globalTop10Chart, globalRegionShareChart,
+} from './catl.js';
+import {
+  sweetCatlPricePeChart, sweetCatlNetCashChart, sweetCatlAnyPriceChart,
+} from './sweet_spot.js';

 /** 图表构建函数注册表。manifest 只引用这里的 key，不直接引用 JS 函数。 */
 export const chartRegistry = {
@@ -114,6 +123,23 @@ export const chartRegistry = {
  'moutai-ton-price': moutaiTonPriceChart,
  'moutai-dividend': moutaiDividendChart,
  'moutai-distributors': moutaiDistributorsChart,
+  'catl-unit-economics': catlUnitEconomicsChart,
+  'catl-volume-gp': catlVolumeGpChart,
+  'peer-install': peerInstallChart,
+  'peer-utilization': peerUtilizationChart,
+  'peer-share': peerShareChart,
+  'peer-gp-per-wh': peerGpPerWhChart,
+  'peer-asp': peerAspChart,
+  'peer-margin': peerMarginChart,
+  'peer-2026h1': peer2026h1Chart,
+  'peer-gp-gap': peerGpGapChart,
+  'peer-gp-change': peerGpChangeChart,
+  'global-cr': globalCrChart,
+  'global-top10': globalTop10Chart,
+  'global-region-share': globalRegionShareChart,
+  'sweet-catl-price-pe': sweetCatlPricePeChart,
+  'sweet-catl-net-cash': sweetCatlNetCashChart,
+  'sweet-catl-any-price': sweetCatlAnyPriceChart,
 };

 export function getChartBuilder(key) {
@@ -0,0 +1,421 @@
+import {
+  PALETTE, FONT, FINANCIAL_COLORS, axisCommon, titleStyle, standardLegend,
+  lineSeries, footnote, watermarks, LAYOUT, tooltipOf,
+} from '../theme.js';
+
+/**
+ * 甜蜜击球区 · 宁德时代（300750）—— 股价 ↔ 2026E 估值 的换算图表
+ *
+ * 上游底稿：资料库节点「宁德时代_股价PE对照表」
+ * https://www.workbuddy.cn/space/d/EsAWMaLKt4ECKPDvESKKvT（2026-09-15 版）
+ * 数据由 scripts/build_sweet_spot_catl.py 投影成 data/sweetspot/*.csv。
+ *
+ * 【口径】所有 PE 都是**静态预期 PE**：市值 ÷ 2026E 归母净利（悲观 900 / 中性 964 /
+ * 乐观 1,000 亿元，65 家机构一致预期）。扣现金 PE =（市值 − 净现金 2,263.8 亿元）÷
+ * 2026E 净利，即"只给主营电池业务定价"。股息率按 2023–2025 年实际分红率 50% 测算。
+ *
+ * 【甜蜜区框架】8x 白送 · 10x 甜点 · 12x 上沿 是巴菲特锚；资料库原表用的是五档
+ * 更宽的区域（按中性情景 PE 划分），因为它的分子是"含净现金的市值"。两套档位不要
+ * 混读：本文所有区域带一律用原表的五档，定义集中在 PE_ZONES，改档位只改这一处。
+ *
+ * 【图 1】股价 → PE 对照（PE 轴上的横向区域带）
+ * 【图 2】含现金 PE vs 扣现金 PE（沙色带 = 净现金的厚度）
+ * 【图 3】任意股价试算（股价轴上的纵向区域带 + 三年预期年化收益）
+ *
+ * 精度例外：PE 保留两位小数。项目默认一位，但"现价落在买入区还是合理区"取决于
+ * 15.18x 与 15.5x 这条边界，一位小数会把 15.18 读成 15.2、与 15.5 分不清。
+ *
+ * 硬编码说明：区域边界的**股价**不是写死的，而是从 CSV 的 pe_base 反解（peToPrice），
+ * 所以改股本或利润预期后纵向区域带会自动跟着走。本文只有两个手工常量：现价 NOW 与
+ * 净现金 NET_CASH（仅用于文案），都与 build_sweet_spot_catl.py 同源。
+ */
+
+/** 现价（2026-09-15 收盘）。与生成脚本同源，重跑脚本时要同步。 */
+const NOW = 316.21;
+
+/** 净现金（亿元）。仅用于图 2 的文案；沙色带的几何量取自 CSV 的 pe_base − pe_ex_cash。 */
+const NET_CASH = 2263.8;
+
+/** 2028E 目标价（1,400 亿 × 20x ÷ 46.27 亿股），图 3 的年化收益基准。 */
+const TARGET_2028 = 605;
+
+/**
+ * 五档估值区域（按中性情景 964 亿 PE 的上沿划分）。
+ * 原表把 15.5–25x 细分为「合理偏低」与「合理」两档、但共用同一个配色，
+ * 这里并为一条色带，避免在 PE 轴上叠出两块无差别的底色。
+ */
+const PE_ZONES = [
+  { name: '击球区', upTo: 13, color: PALETTE.green, note: '<13x' },
+  { name: '买入区', upTo: 15.5, color: PALETTE.blue, note: '13–15.5x' },
+  { name: '合理', upTo: 25, color: PALETTE.orange, note: '15.5–25x' },
+  { name: '偏贵', upTo: 30, color: PALETTE.red, note: '25–30x' },
+  { name: '卖出区', upTo: Infinity, color: PALETTE.purple, note: '>30x' },
+];
+
+const PE_MIN = 8;
+const PE_MAX = 38;
+const PRICE_MIN = 200;
+const PRICE_MAX = 720;
+
+const SOURCE_NOTE = '数据来源：宁德时代 2026 中报（本地财报库）· 65 家机构 2026E 一致预期';
+
+/** 十六进制转 rgba —— 区域带要低透明度叠在网格上，不能直接铺饱和色 */
+function tint(hex, alpha) {
+  const value = parseInt(hex.slice(1), 16);
+  return `rgba(${(value >> 16) & 255},${(value >> 8) & 255},${value & 255},${alpha})`;
+}
+
+/** 取某价位的某个指标；缺失返回 NaN，让标签渲染成 NaN 而不是抛错 */
+function metricAt(rows, price, key) {
+  const row = rows.find((item) => item.price === price);
+  return row ? row[key] : Number.NaN;
+}
+
+/** 数值轴（PE / 收益率共用），与 catl.js 的 valueAxis 同一套样式 */
+const valueAxis = (name, extra = {}) => ({
+  ...axisCommon,
+  type: 'value',
+  name,
+  nameLocation: 'middle',
+  nameGap: 56,
+  nameTextStyle: { color: PALETTE.grey, fontSize: 13, fontFamily: FONT },
+  ...extra,
+});
+
+/**
+ * 股价轴：数值轴。
+ * 不画竖向网格（规范只保留浅色横线）—— 图 3 的纵向区域带本身就是参考线，
+ * 图 1、图 2 靠「现价」竖线定位。
+ */
+const priceAxis = (extra = {}) => ({
+  ...axisCommon,
+  type: 'value',
+  name: '股价（元）',
+  nameLocation: 'middle',
+  nameGap: 34,
+  min: PRICE_MIN,
+  max: PRICE_MAX,
+  axisLine: { show: true, lineStyle: { color: PALETTE.axisLine } },
+  splitLine: { show: false },
+  ...extra,
+});
+
+const GRID = { left: 78, right: 78, top: LAYOUT.gridTop, bottom: 80 };
+
+function baseOption({
+  title, subtitle, xAxis, yAxis, series, legend, width, height,
+  tooltipFormatter, extraNote, sourceNote, grid, extraGraphics = [],
+}) {
+  const notes = [sourceNote ?? SOURCE_NOTE];
+  if (extraNote) notes.push(extraNote);
+  return {
+    backgroundColor: '#fff',
+    title: { ...titleStyle, text: title, subtext: subtitle },
+    legend: standardLegend(legend, { itemGap: 22 }),
+    // 三行脚注（来源 + 两行口径）会顶到 height-66，而横轴刻度底边在 height-52。
+    // 本项目这几张图的横轴带轴名（「股价（元）」），它比刻度再低约 32px；实测
+    // grid.bottom=118 时轴名与脚注只剩 7px 净空（同站三行脚注的图通常有 23px），
+    // 所以统一提到 134 —— 改脚注行数时这里要跟着重算。
+    grid: { ...GRID, ...grid },
+    tooltip: tooltipOf(series, tooltipFormatter),
+    xAxis,
+    yAxis,
+    series,
+    graphic: [...watermarks(width, height), ...extraGraphics, footnote(notes.join('\n') + ' | @Joey知行记')],
+  };
+}
+
+/** 反解 PE 阈值对应的股价：在 pe_base 单调递增的序列上线性插值 */
+function peToPrice(rows, pe) {
+  for (let i = 1; i < rows.length; i += 1) {
+    const prev = rows[i - 1];
+    const cur = rows[i];
+    if ((prev.pe_base - pe) * (cur.pe_base - pe) <= 0) {
+      const ratio = (pe - prev.pe_base) / (cur.pe_base - prev.pe_base);
+      return prev.price + ratio * (cur.price - prev.price);
+    }
+  }
+  return null;
+}
+
+/**
+ * PE 轴上的横向区域带（图 1、图 2 共用）。
+ * 必须挂在**第一个系列**上：markArea 在系列自己的分组里、先于该系列图元绘制，
+ * 而系列分组按声明顺序绘制 —— 挂在后面的系列上会盖住前一条线。
+ */
+function peBandMarkAreas() {
+  let low = PE_MIN;
+  return PE_ZONES.map((zone) => {
+    const band = [{
+      yAxis: low,
+      itemStyle: { color: tint(zone.color, 0.07) },
+      label: {
+        show: true,
+        position: 'insideTopLeft',
+        distance: 10,
+        formatter: `${zone.name} ${zone.note}`,
+        color: zone.color,
+        fontSize: 12,
+        fontWeight: 600,
+        fontFamily: FONT,
+      },
+    }, { yAxis: Math.min(zone.upTo, PE_MAX) }];
+    low = zone.upTo;
+    return band;
+  });
+}
+
+/**
+ * 股价轴上的纵向区域带（图 3 用）。
+ * 标签贴底：顶部留给折线标签与「现价」竖线的标注，贴底才不会撞。
+ */
+function priceBandMarkAreas(rows) {
+  const edges = [PRICE_MIN, ...PE_ZONES
+    .map((zone) => peToPrice(rows, zone.upTo))
+    .filter((price) => price !== null), PRICE_MAX];
+  return PE_ZONES.map((zone, index) => [{
+    xAxis: edges[index],
+    itemStyle: { color: tint(zone.color, 0.08) },
+    label: {
+      show: true,
+      position: 'insideBottom',
+      distance: 12,
+      formatter: zone.name,
+      color: zone.color,
+      fontSize: 12,
+      fontWeight: 600,
+      fontFamily: FONT,
+    },
+  }, { xAxis: edges[index + 1] }]);
+}
+
+/**
+ * 股价 → 指标折线。
+ * 只在 labeledPrices 上的点标数值：30+ 个数据点全标会糊成一片，
+ * 而这几个点正好是决策价位。
+ */
+function priceLine({
+  name, rows, key, color, width = 2.6, labeledPrices = [],
+  unit = '', decimals = 2, position = 'right', distance = 8,
+}) {
+  const line = lineSeries({ name, data: [], color, width });
+  return {
+    ...line,
+    label: { show: false },
+    data: rows.map((row) => ({
+      value: [row.price, row[key]],
+      label: labeledPrices.includes(row.price)
+        ? {
+          ...line.label,
+          show: true,
+          position,
+          distance,
+          formatter: `${row[key].toFixed(decimals)}${unit}`,
+        }
+        : { show: false },
+    })),
+  };
+}
+
+/**
+ * 现价竖线：三张图共用。
+ * label 一律关掉 —— markLine 的标签会**跟着竖线旋转 90°**，长串中文变成一列竖排字，
+ * 极难读。文字改用 nowGraphics() 以 graphic 单独排，保持水平。
+ */
+function nowMarkLine() {
+  return {
+    silent: true,
+    symbol: 'none',
+    lineStyle: { type: 'dashed', width: 1.6, color: PALETTE.brown },
+    label: { show: false },
+    data: [{ xAxis: NOW }],
+  };
+}
+
+/** 现价竖线上方的水平标注，位置由 grid 反推（图表尺寸变化时会重算） */
+function nowGraphics(width, text) {
+  const x = GRID.left
+    + ((NOW - PRICE_MIN) / (PRICE_MAX - PRICE_MIN)) * (width - GRID.left - GRID.right);
+  return [{
+    type: 'text',
+    left: Math.round(x + 8),
+    top: LAYOUT.gridTop + 4,
+    silent: true,
+    style: { text, fill: PALETTE.brown, fontSize: 12, fontWeight: 600, fontFamily: FONT },
+  }];
+}
+
+/**
+ * 图 1：股价 → 2026E PE 对照 —— 资料库原表第 1 节的图形版
+ *
+ * 一条直线就是一个情景：PE 与股价严格成正比，所以三档利润在图上表现为三条**平行**的
+ * 窄带（±6% 的利润预期落到 PE 上不足 1.7x）。这张图能回答"现价落在哪个区域"，
+ * 但回答不了"贵还是便宜"—— 那取决于利润能不能兑现，属于分母问题，不在本图射程内。
+ */
+export function sweetCatlPricePeChart(rows, { width, height }) {
+  const nowPe = metricAt(rows, NOW, 'pe_base');
+  const hero = priceLine({
+    name: '中性 964 亿',
+    rows,
+    key: 'pe_base',
+    color: FINANCIAL_COLORS.netProfit,
+    width: 3.5,
+    labeledPrices: [265, NOW, 480, 605],
+    unit: 'x',
+    position: 'right',
+  });
+  hero.markLine = nowMarkLine();
+
+  const bear = {
+    ...lineSeries({ name: '悲观 900 亿', data: [], color: FINANCIAL_COLORS.operatingCashFlow, width: 2.4 }),
+    label: { show: false },
+    data: rows.map((row) => [row.price, row.pe_bear]),
+  };
+  // markArea 挂在第一个系列上（见 peBandMarkAreas 注释）
+  bear.markArea = { silent: true, data: peBandMarkAreas() };
+
+  const bull = {
+    ...lineSeries({ name: '乐观 1,000 亿', data: [], color: FINANCIAL_COLORS.investingCashFlow, width: 2.4 }),
+    label: { show: false },
+    data: rows.map((row) => [row.price, row.pe_bull]),
+  };
+
+  return baseOption({
+    title: '股价 → 2026E PE 对照',
+    subtitle: `单位：倍 · 三档利润情景 · 区域底带按中性 964 亿划分 · 现价 ${NOW} 元`,
+    xAxis: priceAxis(),
+    yAxis: valueAxis('PE（倍）', { min: PE_MIN, max: PE_MAX, interval: 5 }),
+    series: [bear, hero, bull],
+    legend: ['悲观 900 亿', '中性 964 亿', '乐观 1,000 亿'],
+    width,
+    height,
+    grid: { bottom: 134 },
+    extraGraphics: nowGraphics(width, `现价 ${NOW} 元 = 中性 ${nowPe.toFixed(2)}x`),
+    tooltipFormatter: (value) => `${Number(Array.isArray(value) ? value[1] : value).toFixed(2)}x`,
+    extraNote: 'PE = 市值 ÷ 2026E 归母净利，与股价严格成正比；三档情景只差 ±6% 利润，落到 PE 上不足 1.7x\n'
+      + '原表把 15.5–25x 细分为「合理偏低」与「合理」，此处并为一条色带；扣现金 PE 见图 2',
+  });
+}
+
+/**
+ * 图 2：净现金让 PE 便宜了多少 —— 资料库原表第 2 节右图的图形版
+ *
+ * 含现金 PE 与扣现金 PE 是两条**严格平行**的线，间距恒为 净现金 ÷ 2026E 净利
+ * （约 2.35x）—— 间距与股价无关，但折价占市值的比例随股价下降而放大
+ * （220 元 22.2% → 700 元 7.0%）。所以这张图要看的不是两条线的高低，
+ * 而是中间那层沙色：它是一块不产生经营利润、但实实在在归股东的资产。
+ *
+ * 实现说明：ECharts 没有"两个系列之间填充"，只能用 stack —— 下段是扣现金 PE、
+ * 上段是差额，差额段线宽 0、面积填沙色，上沿即含现金 PE。stack 的叠放顺序不能改
+ * （改了基准就错），于是用 z 控制绘制层级，防止沙色覆盖掉扣现金那条实线。
+ */
+export function sweetCatlNetCashChart(rows, { width, height }) {
+  const gap = rows[0].pe_base - rows[0].pe_ex_cash;
+  const nowEx = metricAt(rows, NOW, 'pe_ex_cash');
+
+  const cashLine = {
+    ...lineSeries({ name: '扣现金 PE', data: [], color: PALETTE.brown, width: 3.5 }),
+    label: { show: false },
+    stack: 'pe',
+    z: 3,
+    areaStyle: { opacity: 0 },
+    data: rows.map((row) => [row.price, row.pe_ex_cash]),
+  };
+  cashLine.markLine = nowMarkLine();
+  cashLine.markArea = { silent: true, data: peBandMarkAreas() };
+
+  const band = {
+    ...lineSeries({ name: '净现金差额', data: [], color: PALETTE.sand, width: 0 }),
+    label: { show: false },
+    stack: 'pe',
+    z: 2,
+    lineStyle: { color: PALETTE.sand, width: 0, opacity: 0 },
+    itemStyle: { color: PALETTE.sand },
+    showSymbol: false,
+    // opacity 必须显式写：areaStyle 的默认 opacity 是 0.7，只给 rgba 底色会被再乘一次
+    areaStyle: { color: PALETTE.sand, opacity: 0.7 },
+    data: rows.map((row) => [row.price, row.pe_base - row.pe_ex_cash]),
+  };
+
+  const gross = {
+    ...lineSeries({ name: '含现金 PE', data: [], color: FINANCIAL_COLORS.investingCashFlow, width: 3 }),
+    label: { show: false },
+    z: 4,
+    data: rows.map((row) => [row.price, row.pe_base]),
+  };
+
+  return baseOption({
+    title: '净现金让 PE 便宜了多少',
+    subtitle: `单位：倍 · 中性 964 亿口径 · 沙色带即净现金 ${NET_CASH.toLocaleString('zh-CN')} 亿元对应的 PE`,
+    xAxis: priceAxis(),
+    yAxis: valueAxis('PE（倍）', { min: PE_MIN, max: PE_MAX, interval: 5 }),
+    series: [cashLine, band, gross],
+    // 「净现金差额」不进图例（线宽 0，图例色块会是空的），靠副标题与脚注交代
+    legend: ['含现金 PE', '扣现金 PE'],
+    width,
+    height,
+    grid: { bottom: 134 },
+    extraGraphics: nowGraphics(width, `现价 ${NOW} 元 = 扣现金 ${nowEx.toFixed(2)}x`),
+    tooltipFormatter: (value) => `${Number(Array.isArray(value) ? value[1] : value).toFixed(2)}x`,
+    extraNote: '含现金 PE = 市值 ÷ 2026E 净利；扣现金 PE =（市值 − 净现金）÷ 2026E 净利，即只给主营电池业务定价\n'
+      + `两条线严格平行：差额恒为 ${gap.toFixed(2)}x，但占市值比例从 220 元的 22.2% 收窄到 700 元的 7.0% —— 股价越低，这层折价越厚`,
+  });
+}
+
+/**
+ * 图 3：任意股价试算 —— 资料库原表第 5 节计算器的图形版
+ *
+ * 计算器要输入一个价格才出结果，图表反过来：220–700 元全档都画出来，任意价位
+ * 沿竖线直接读。两条线是同一个目标价（605 元 = 2028E 1,400 亿 × 20x）下的三年
+ * 年化收益，差额即 50% 分红率的贡献。纵轴穿过 0 的位置就是"三年白干"—— 正好
+ * 是 605 元这条卖点线，所以零线本身就是一条结论。
+ *
+ * 纵向底带把估值区域直接画在股价轴上：横带看 PE、竖带看股价，是同一套档位。
+ * 击球区上沿 270.9 元、买入区上沿 322.9 元、合理区上沿 520.9 元（由 pe_base 反解）。
+ */
+export function sweetCatlAnyPriceChart(rows, { width, height }) {
+  const hero = priceLine({
+    name: '含分红年化',
+    rows,
+    key: 'cagr_total',
+    color: FINANCIAL_COLORS.netProfit,
+    width: 3.5,
+    labeledPrices: [265, NOW, 450, TARGET_2028],
+    unit: '%',
+    decimals: 1,
+    position: 'top',
+    distance: 10,
+  });
+  hero.markLine = nowMarkLine();
+  // markArea 挂在第一个系列上，否则会盖住同图上先声明的折线
+  hero.markArea = { silent: true, data: priceBandMarkAreas(rows) };
+
+  const priceOnly = priceLine({
+    name: '仅价差年化',
+    rows,
+    key: 'cagr_price',
+    color: FINANCIAL_COLORS.investingCashFlow,
+    width: 2.6,
+    labeledPrices: [265, NOW, 450],
+    unit: '%',
+    decimals: 1,
+    position: 'bottom',
+    distance: 10,
+  });
+
+  return baseOption({
+    title: '任意股价试算：三年预期年化收益',
+    subtitle: '单位：% · 目标价 605 元（2028E 1,400 亿 × 20x）· 纵带为估值区域',
+    xAxis: priceAxis(),
+    yAxis: valueAxis('年化收益（%）', { min: -10, max: 50, interval: 10 }),
+    series: [hero, priceOnly],
+    legend: ['含分红年化', '仅价差年化'],
+    width,
+    height,
+    grid: { bottom: 134 },
+    extraGraphics: nowGraphics(width, `现价 ${NOW} 元 = 含分红年化 ${metricAt(rows, NOW, 'cagr_total').toFixed(1)}%`),
+    tooltipFormatter: (value) => `${Number(Array.isArray(value) ? value[1] : value).toFixed(1)}%`,
+    extraNote: `年化收益 =（${TARGET_2028} ÷ 股价）^(1/3) − 1；含分红口径再乘 (1 + 股息率)，股息按当前价每年派现、不复投\n`
+      + '纵带边界由 pe_base 反解：击球区上沿 270.9 元 ｜ 买入区上沿 322.9 元 ｜ 合理区上沿 520.9 元',
+  });
+}
@@ -361,6 +361,62 @@ export function stackedSharePoint(value, { pxPerUnit, labelColor, dy = 0, minIns
  };
 }

+/**
+ * tooltip 彩色圆点标记。
+ *
+ * 为什么不直接用 ECharts 的默认 marker：折线系列的 visualDrawType 恒为 'fill'
+ * （Series.js 原型默认值，只有轨迹图 / 箱线图改成 'stroke'），而空心圆折线的
+ * itemStyle.color 必须是 #fff —— tooltip 取到的 marker 就是白色，在白底提示框上
+ * 等于隐形。这里按系列语义色自绘标记，不依赖 ECharts 内部取色。
+ */
+export function tooltipMarker(color) {
+  return `<span style="display:inline-block;width:10px;height:10px;border-radius:50%;`
+    + `background:${color};margin-right:6px;vertical-align:-1px"></span>`;
+}
+
+/**
+ * 标准 tooltip：每一项前面带该系列语义色的圆点。
+ *
+ * 不能用 ECharts 默认 marker：折线系列 visualDrawType 为 'fill'，
+ * 而空心圆折线的 itemStyle.color 是 #fff，默认 marker 会被取成白色而在白底上隐形。
+ * 取色规则：
+ * - 柱：优先用该数据点自身的颜色（支持逐项着色，如按公司或国别上色）
+ * - 折线：用 lineStyle.color（空心圆的 itemStyle.color 是白色，不能作语义色）
+ *
+ * @param {Array} series 已构造好的系列数组
+ * @param {(value: number) => string} formatValue 默认数值格式化
+ * @param {Object<string, (value: number) => string>} [formatBySeries] 按系列名覆盖
+ *        —— 柱线组合图两条序列单位不同（如 GWh 与 %）时必需
+ */
+export function tooltipOf(series, formatValue, formatBySeries) {
+  const seriesColors = {};
+  series.forEach((item) => {
+    const color = item.lineStyle?.color ?? item.itemStyle?.color;
+    if (item.name && color) seriesColors[item.name] = color;
+  });
+
+  return {
+    trigger: 'axis',
+    axisPointer: { type: 'shadow' },
+    textStyle: { fontFamily: FONT, fontSize: 13 },
+    formatter: (params) => {
+      const list = Array.isArray(params) ? params : [params];
+      if (list.length === 0) return '';
+      const head = `<span style="color:${PALETTE.ink};font-weight:600">`
+        + `${list[0].axisValueLabel ?? list[0].name ?? ''}</span>`;
+      const body = list.map((item) => {
+        const fallback = seriesColors[item.seriesName] ?? PALETTE.grey;
+        const color = item.seriesType === 'bar' ? (item.color || fallback) : fallback;
+        const fmt = formatBySeries?.[item.seriesName] ?? formatValue;
+        const raw = item.value;
+        const value = raw === null || raw === undefined || raw === '' ? '—' : fmt(raw);
+        return `${tooltipMarker(color)}${item.seriesName}：${value}`;
+      });
+      return [head, ...body].join('<br/>');
+    },
+  };
+}
+
 /** 底部注释 */
 export function footnote(text) {
  return {
@@ -88,6 +88,42 @@
        { "id": "price-shareholder", "name": "价格与股东回报", "chartRefs": ["moutai-flying-price", "moutai-price-adjustment", "moutai-dividend"] }
      ]
    },
+    {
+      "id": "catl",
+      "name": "宁德时代",
+      "chartCatalog": {
+        "catl-unit-economics": { "key": "catl-unit-economics", "title": "动力电池单 Wh 经济性", "csv": "data/catl/catl_unit_economics.csv", "height": 700, "filename": "宁德时代动力电池单Wh经济性" },
+        "catl-volume-gp": { "key": "catl-volume-gp", "title": "动力电池销量与单 Wh 毛利", "csv": "data/catl/catl_unit_economics.csv", "height": 700, "filename": "宁德时代销量与单Wh毛利" },
+        "peer-install": { "key": "peer-install", "title": "Top5 动力电池装车量走势", "csv": "data/catl/catl_peer_install.csv", "height": 700, "filename": "Top5动力电池装车量走势" },
+        "peer-utilization": { "key": "peer-utilization", "title": "Top5 动力电池产能利用率", "csv": "data/catl/catl_peer_utilization.csv", "height": 700, "filename": "Top5动力电池产能利用率" },
+        "peer-share": { "key": "peer-share", "title": "Top5 动力电池全球市占率走势", "csv": "data/catl/catl_peer_install_share.csv", "height": 700, "filename": "Top5动力电池全球市占率走势" },
+        "peer-gp-per-wh": { "key": "peer-gp-per-wh", "title": "Top6 动力电池单 Wh 毛利走势", "csv": "data/catl/catl_peer_gp_per_wh.csv", "height": 720, "filename": "Top6动力电池单Wh毛利走势" },
+        "peer-asp": { "key": "peer-asp", "title": "Top6 动力电池 ASP 对比", "csv": "data/catl/catl_peer_asp.csv", "height": 700, "filename": "Top6动力电池ASP对比" },
+        "peer-margin": { "key": "peer-margin", "title": "Top6 毛利率与营业利润率", "csv": "data/catl/catl_peer_margin.csv", "height": 700, "filename": "Top6毛利率与营业利润率" },
+        "peer-2026h1": { "key": "peer-2026h1", "title": "2026H1 单 Wh 毛利与盈利能力", "csv": "data/catl/catl_peer_2026h1.csv", "height": 700, "filename": "2026H1单Wh毛利与盈利能力" },
+        "peer-gp-gap": { "key": "peer-gp-gap", "title": "宁德 vs 二线厂均值：单 Wh 毛利差距", "csv": "data/catl/catl_peer_gp_gap.csv", "height": 700, "filename": "宁德vs二线厂单Wh毛利差距" },
+        "peer-gp-change": { "key": "peer-gp-change", "title": "单 Wh 毛利：2026H1 vs 2023", "csv": "data/catl/catl_peer_gp_change.csv", "height": 700, "filename": "单Wh毛利2026H1对比2023" },
+        "global-cr": { "key": "global-cr", "title": "全球装车量集中度 CR3 / CR5 / CR10", "csv": "data/catl/global_top10_share.csv", "height": 700, "filename": "全球动力电池装车量集中度" },
+        "global-top10": { "key": "global-top10", "title": "2026H1 全球装车量前十与同比增速", "csv": "data/catl/global_top10_2026h1.csv", "height": 720, "filename": "2026H1全球装车量前十与同比增速" },
+        "global-region-share": { "key": "global-region-share", "title": "中日韩厂商全球份额结构", "csv": "data/catl/global_region_share.csv", "height": 700, "filename": "中日韩厂商全球份额结构" }
+      },
+      "tabs": [
+        { "id": "unit-economics", "name": "单位经济", "chartRefs": ["catl-unit-economics", "catl-volume-gp"] },
+        { "id": "peer", "name": "同业对比", "chartRefs": ["peer-install", "peer-utilization", "peer-share", "global-cr", "global-top10", "global-region-share", "peer-gp-per-wh", "peer-asp", "peer-margin", "peer-2026h1", "peer-gp-gap", "peer-gp-change"] }
+      ]
+    },
+    {
+      "id": "sweet-spot",
+      "name": "甜蜜击球区",
+      "chartCatalog": {
+        "sweet-catl-price-pe": { "key": "sweet-catl-price-pe", "title": "股价 → 2026E PE 对照", "csv": "data/sweetspot/catl_price_pe.csv", "height": 740, "filename": "宁德时代股价PE对照" },
+        "sweet-catl-net-cash": { "key": "sweet-catl-net-cash", "title": "净现金让 PE 便宜了多少", "csv": "data/sweetspot/catl_price_pe.csv", "height": 740, "filename": "宁德时代净现金与PE" },
+        "sweet-catl-any-price": { "key": "sweet-catl-any-price", "title": "任意股价试算：三年预期年化收益", "csv": "data/sweetspot/catl_price_returns.csv", "height": 740, "filename": "宁德时代任意股价试算" }
+      },
+      "tabs": [
+        { "id": "catl", "name": "宁德时代", "chartRefs": ["sweet-catl-price-pe", "sweet-catl-net-cash", "sweet-catl-any-price"] }
+      ]
+    },
    {
      "id": "brk",
      "name": "巴菲特致股东信",
@@ -0,0 +1,108 @@
+#!/usr/bin/env python3
+"""甜蜜击球区 · 宁德时代（300750）：股价 → 估值指标 投影表生成器
+
+数据层定位：本脚本是 data/sweetspot/*.csv 的唯一生成入口（CSV 是运行时投影，
+禁止手工编辑）。上游底稿是资料库节点「宁德时代_股价PE对照表」
+（https://www.workbuddy.cn/space/d/EsAWMaLKt4ECKPDvESKKvT，2026-09-15 版）。
+
+计算基准（改这几个常量就能整表重算）：
+  总股本      46.27 亿股
+  净现金      2,263.8 亿元        （每股 48.93 元）
+  2026E 归母  悲观 900 / 中性 964 / 乐观 1,000 亿元（65 家机构一致预期）
+  分红率      50%（2023–2025 年实际值）
+  现价        316.21 元（2026-09-15 收盘）
+  2028E 目标  1,400 亿 × 20x → 605 元（老唐法三年后合理估值，用于试算年化收益）
+  无风险利率  1.68%（10 年期国债，仅用于股息率倍数的脚注说明）
+
+精度例外：PE 与股息率保留两位小数。CLAUDE.md 默认一位，但 PE 一位会把
+15.18x 与 15.2x 揉成同一个读数，而「现价到底落在哪个区间」正是这张表要回答的
+问题（买入区上沿 15.5x 与合理区下沿贴得极近），故按行业惯例取两位。
+
+用法：
+  python3 scripts/build_sweet_spot_catl.py
+"""
+
+from pathlib import Path
+
+SHARES = 46.27          # 亿股
+NET_CASH = 2263.8       # 亿元
+NOW = 316.21            # 元
+PAYOUT = 0.50
+NI = {"bear": 900.0, "base": 964.0, "bull": 1000.0}
+TARGET_2028 = 605.0     # 元（2028E 1,400 亿 × 20x ÷ 46.27 亿股）
+
+OUT_DIR = Path(__file__).resolve().parent.parent / "data" / "sweetspot"
+
+
+def price_grid(top, step=20, keys=()):
+    """等距网格 + 关键价位去重后升序，保证关键价位本身就是数据点（可被打标签）。"""
+    prices = {float(p) for p in range(220, top + 1, step)}
+    prices.update(float(k) for k in keys)
+    return sorted(prices)
+
+
+def pct(value):
+    return value * 100
+
+
+def main():
+    OUT_DIR.mkdir(parents=True, exist_ok=True)
+
+    header = (
+        "# 由 scripts/build_sweet_spot_catl.py 生成，请勿手工编辑。\n"
+        "# 口径：总股本 46.27 亿股 · 净现金 2,263.8 亿元（每股 48.93 元）· "
+        "2026E 归母 900/964/1,000 亿元 · 分红率 50% · 现价 316.21 元（2026-09-15）\n"
+        "# PE 与股息率保留两位小数（见脚本 docstring 的精度例外说明）\n"
+    )
+
+    # ---------- 1) 股价 → PE 对照（图 1、图 2 共用） ----------
+    rows = price_grid(700, 20, (265, 290, 303, NOW, 378, 605, 617))
+    lines = [
+        "price,market_cap,pe_bear,pe_base,pe_bull,pe_ex_cash,dividend_yield,net_cash_pct"
+    ]
+    for px in rows:
+        cap = px * SHARES
+        lines.append(
+            ",".join([
+                f"{px:.2f}",
+                f"{cap:.1f}",
+                f"{cap / NI['bear']:.2f}",
+                f"{cap / NI['base']:.2f}",
+                f"{cap / NI['bull']:.2f}",
+                f"{(cap - NET_CASH) / NI['base']:.2f}",
+                f"{pct(NI['base'] * PAYOUT / cap):.2f}",
+                f"{pct(NET_CASH / cap):.1f}",
+            ])
+        )
+    path = OUT_DIR / "catl_price_pe.csv"
+    path.write_text(header + "\n".join(lines) + "\n", encoding="utf-8")
+    print(f"{path.relative_to(OUT_DIR.parent.parent)}  {len(rows)} 行")
+
+    # ---------- 2) 股价 → 试算（图 3） ----------
+    rows = price_grid(620, 20, (265, 290, 303, NOW, 378, 450, TARGET_2028))
+    lines = [
+        "price,market_cap,pe_base,dividend_yield,cagr_price,cagr_total"
+    ]
+    for px in rows:
+        cap = px * SHARES
+        dy = NI["base"] * PAYOUT / cap
+        cagr = (TARGET_2028 / px) ** (1 / 3) - 1
+        # 总收益按 (1 + 价差年化) × (1 + 股息率) − 1：股息以买入价口径年年复投，
+        # 与资料库试算器的「未含分红」口径并列展示，两者差额即分红的贡献。
+        lines.append(
+            ",".join([
+                f"{px:.2f}",
+                f"{cap:.1f}",
+                f"{cap / NI['base']:.2f}",
+                f"{pct(dy):.2f}",
+                f"{pct(cagr):.1f}",
+                f"{pct((1 + cagr) * (1 + dy) - 1):.1f}",
+            ])
+        )
+    path = OUT_DIR / "catl_price_returns.csv"
+    path.write_text(header + "\n".join(lines) + "\n", encoding="utf-8")
+    print(f"{path.relative_to(OUT_DIR.parent.parent)}  {len(rows)} 行")
+
+
+if __name__ == "__main__":
+    main()